Even in replica watches extremely turbulent times when the watch industry has lasted for nearly two years, it's rare news to see major brands swap hands - which is why today is a remarkable day, as Breitling has just been announced was sold to CVC Capital Partners for over 800 million euros, or approximately 873 million US dollars or 866 million Swiss francs
Up until that point, Breitling had been one of the few truly independent major brands out there - Chopard and Patek Philippe remain two other big family-owned players in the industry, with every other mammoth brand owned by one of the big four (Swatch Group, LVMH, Richemont and Kering) or some other large entity, such as Rolex and Tudor with the Hans Wilsdorf Foundation. The latest big news of this kind was when the Frederique Constant, Alpina and Atelier de Monaco farm was bought by Citizen Watch Co. last year
However, former majority owner Theodore Schneider will remain with Breitling because, as part of the CVC Capital Partners deal, he has agreed to reinvest for a 20% stake in Breitling. Ironically, it replica watches uk was recently in May of last year that Breitling Vice President Jean-Paul Girardin told Reuters he was confident in Breitling maintaining its independence despite speculation about its future following the passing of Ernest Schneider in 1979. / p>
However, shortly after that interview, Bloomberg (today's news breaker) reported in late November last year that Breitling was "on the block" for sale, having been in the hands of the Schneider family since 1979. Breitling has very much been a family business in the sense that Ernest Schneider ran it from the late 1970s until the early 1990s when his son, Théodore Schneider took over. While Théodore is the (extremely rare) type of silent CEO who stays out of the spotlight, he is said to actively participate in running the business. P>
Late last year, when Breitling sales speculation was born, analysts had expected the production which employs around 900 people and produces around 150,000 watches a year to fetch between 600 and 900 million Swiss francs ( CHF). As of today we know that Breitling was acquired for over 866 million francs, with Breitling's annual fake Rolex turnover of around 420 million francs, this could give the company the financial stability it needed to overcome these difficult times and hopefully , come out louder once it's over.